Trump Administration Is Taking Billions in Stakes in Firms Like Intel
The Trump administration is spending billions of dollars on deals with ownership stakes in companies. The unusual practice shows no sign of slowing.
FEDS Paper: Access to Capital and the IPO Decision: An Analysis of US Private Firms
Andres Almazan, Nathan Swem, Sheridan Titman, Gregory WeitznerWe analyze firms’ IPO decisions using detailed financial data on US private firms. We find that firms with higher external capital needs are more likely to go public. Following the IPO, firms increase their investment and debt issuance, resulting in leverage ratios close to their pre-IPO levels. Finally, newly public firms borrow from an expanded pool of lenders at improved terms, with a decrease in the within-firm dispersion in banks’ private risk assessments.
Fullerton’s Journey from Wall Street to Regenerative Economics
In this episode of Economics and Beyond, Rob Johnson and John Fullerton discuss his new book, Regenerative Economics which explores flaws in traditional economic thinking, and the need for a new framework that views the economy as a living system.
The gender pay gap looks different depending where you are on the income ladder
Somchai_Stock/ShutterstockDespite decades of progress, the gender pay gap remains a persistent feature of the UK labour market. According to women’s rights charity the Fawcett Society, November 22 marked Equal Pay Day 2025 – the day when women effectively stop getting paid due to the wage gap with men.
Property prices continue to climb in Q3, reaching record high
The growth in the nominal value of apartments in Greece was broadly stable in the third quarter of 2025, increasing by 7.7 percent year-on-year (YoY) from 7.6 percent in Q2 2025, Bank of Greece (BoG) data released on Tuesday showed.
FCA recognises the revised FX Global Code and UK Money Markets Code
The Bank of England welcomes the Financial Conduct Authority (FCA) recognition of the 2024 versions of the FX Global Code and UK Money Markets Code under its code recognition scheme.
Inflation risk and heterogeneous trading down
I examine how households adjust the quality of their purchases in response to adverse economic shocks. Using household scanner data from Germany, I document heterogeneous responses across income levels. Higher-income households tend to reduce the quality of the goods they purchase, whereas lower-income households, who typically consume lower-quality goods, show a limited propensity to trade down, likely due to a limited ability to do so. To assess the equilibrium effects of an aggregate shift in demand toward lower-quality varieties, I implement a shift-share research design.
Inflation risk and heterogeneous trading down
I examine how households adjust the quality of their purchases in response to adverse economic shocks. Using household scanner data from Germany, I document heterogeneous responses across income levels. Higher-income households tend to reduce the quality of the goods they purchase, whereas lower-income households, who typically consume lower-quality goods, show a limited propensity to trade down, likely due to a limited ability to do so. To assess the equilibrium effects of an aggregate shift in demand toward lower-quality varieties, I implement a shift-share research design.
Amid publicity storm, Tsipras publishes 'Ithaca' and fuels speculation about new journey
The much-trailed publication of Alexis Tsipras’s Ithaca has sent ripples through Greece’s political world and strengthened the impression that the ex-SYRIZA leader is eyeing a return to active politics, potentially as a unifier of the country’s progressive forces.
Systemic risks in linkages between banks and the non-bank financial sector
Linkages between euro area banks and entities in the non-bank financial intermediation (NBFI) sector may lead to the emergence of systemic risk in at least two fields. First, the banking sector receives short-term deposit, repo and debt securities liabilities from NBFI entities. Such liabilities may be prone to flight risk and difficult to substitute. Second, euro area banks provide credit to NBFI entities which follow leveraged investment strategies.
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